We’ve come a long way from asking, “What are NFTs?” to having access to a variety of NFT games. Some of the popular Non-Fungible Token (NFT) games you’ll see today are Chainers and Cryptokitties. Apart from offering a unique way to play, NFT games also offer a real pay-to-earn mechanism through the blockchain.
Although this looks good on the surface, not every player is earning so much from these games. Most of them are losing more than they earn, and this has turned many people away from this niche.
In this article, we’ll be changing that, as we will show you tested and tried methods on how to avoid losing money. With the information we’ll provide, you’ll stop losing money on NFT games and start earning more.
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7 Tips on How to Avoid Losing Money in NFT Games
There are quite a few ways to avoid losing money in NFT games, and below are 7 reliable methods. These tips are meant mostly for play-to-earn games and other games that you play to win rewards. Nonetheless, you can still use them in the NFT games that you play for leisure.
Invest in Many NFT Games
CryptoMines, Axie Infinity, and Sandbox are some of the most popular NFT games today. These games offer various play-to-earn mechanics that allow players to win rewards while playing. This can come from the game developer paying the players, from the players trading among themselves, from tournaments, etc.
However, there is a catch here, as most NFT games come with their own unique in-game currency. It’s only a select few that pay their players or allow their players to earn in major cryptocurrencies, like Ethereum. As such, you can discover that when you convert these in-game currencies into major cryptocurrencies, you’ll end up with very little.
So, your 20,000 in-game currency can end up becoming 0.0003 ETH when you withdraw it. To compensate for this, you can play a wide variety of NFT games. This would allow you to earn more from the combined profits of all the games. So that even if you don’t earn a significant profit in the end, you can cover your data fees and power bill.
Ensure That the In-Game Currency Is Worth Something
Still, on the subject of the in-game currency, you should also consider its worth. Not all in-game currencies are worth reasonable amounts of cash. Some games will have your thousands of in-game cash become less than 1 Dogecoin.
There are even cases where the in-game currency is not even accepted in the real world. So, if you want to make money with NFTs, ensure that you can earn spendable funds from the game.
Research the NFT Project
Some NFT projects are nothing more than beautiful dreams. Beautiful on paper, but impractical and inapplicable to real-life situations. All projects need to be seeded in reality, with a good explanation of how gamers would earn.
Even if you are not playing to earn money, you need to research any new game so you understand how it works. If you don’t understand their explanations, look for YouTube videos and ask people on their Twitter handles. Ensure that you know what you are getting into before you decide to spend money on a game.
Look at the Roadmap of the NFT Game
Axie Infinity is a good example of what happens when an idea is not sustainable. It’s a game that started paying handsomely for its pioneer players, but further down the line, this stopped. The in-game currency dropped in value, and the consumables in the game increased in cost.
So, if you want to know when a game is future-proof, you should look at its roadmap. The roadmap of a game tells you about NFT game development and where a game should be at any point in time. This way, you’ll know if the game is progressing or if it’s going down the drain.
A good roadmap will help you avoid a rug pool or a situation where the game suddenly closes down. It would prevent you from spending money on a game with no discernible future.
Bankroll Your Spending
Among the many ways to avoid losing money on NFT is to curtail your spending on the game. Not every game is worth spending on, and not every consumable is a must-have.
In fact, not every NFT game is even worth it. Rather than spending and regretting, you should test the game first. Go through a little playthrough and see if the game is worth your hard-earned money.
If you feel like you can’t control your habits, you should consider setting aside game money. This would be a specific amount of money that you can afford to lose.
Avoid Shady NFT Games
Not all NFT games are worth it, especially those that promise you free NFTs for doing nothing. The cryptocurrency scene is hardly regulated, so there’s a wide variety of genuine and fake projects there. This means that some NFT games are not real games but traps that scammers set for unsuspecting individuals.
So, you should be careful to avoid paying for a shady game that won’t go into development or won’t last long. There are many ways to identify shady games, some of which include checking their roadmap and checking the developer team.
You can also visit the social media handles of the game to see if they have a strong online community. This is a must-have for any major game.
Avoid Bad Influencers
Influencers are the major advertising vehicle for most NFT games today. They are cheaper than major advertising companies, and they have direct access to the target audience of the game. You’ll see some of these influencers sharing information like “how to get free NFT,” “best free-to-play games,” etc.
However, not all influencers are good news. Some of them are frauds and are willing to say anything just to get paid. Even if a game is not honest about its features and its free-to-play mechanics, they’ll say it is.
So, you have to check the influencers that you’re following to ensure that they are the honest sort. A rule of thumb is to follow influencers that mostly talk about the NFT niche. This way, you can be sure that they won’t lead you astray on a good deal.
NFT games like Chainers have come to stay, and many unique gaming and earning mechanics are being created every day. With the emergence of the metaverse around the corner, you’ll find this information useful as many games will emerge. So, ensure that you apply these processes carefully, and you’ll stop losing money in no time.